TYRANNA Resources has started its 2016 drilling program at the Jumbuck Gold Project in the northern Gawler Craton of South Australia. The first phase of 6200 metres of Reverse Circulation (RC) drilling forms part of an overall program of 15,000 to 20,000 metres for this year.
The aim is to outline a near-surface gold resource of at least 500,000 ounces from seven advanced gold prospects, all within 50km of the Challenger gold processing plant which is currently under care and maintenance.
If attained, such a resource would form the basis of an initial 3 to 5 year mining plan providing the springboard for accelerated resource definition within the area targeting an overall resource of 2 to 3 million ounces in the medium term.
Six of the seven advanced gold prospects form part of a joint venture with Challenger Gold Operations. Under the JV, and subject to certain circumstances, gold ore may be processed at the Challenger facility. Tyranna is the JV manager and holds a 59% equity stake in it. The current JV approved program, if fully carried out, will increase Tyranna’s stake to approximately 70%.
In the first instance drilling will concentrate on the four northern advanced prospects of Golf Bore, Golf Bore North, Mainwood and Camp Fire Bore. Assay results from the program are likely to be received throughout April and May. The calcrete sampling undertaken earlier in the year to help guide the drill program has been completed.
Limited previous drilling at these prospects identified significant gold potential. Results include 1 metre @ 9.89 grams/tonne (g/t) gold and 3 metres @ 2.48 g/t at Golf Bore North; 14 metres @ 4.17 g/t, 8 metres @ 4.97 g/t and 8 metres @ 3.50 g/t at Camp Fire Bore; and 13 metres @ 3.50 g/t, 6 metres @ 4.4 g/t, and 5 metres @ 2.14 g/t at Mainwood.
During the current program, additional calcrete sampling will be undertaken around the Thunderbolt Tank nickel prospect, about 70km west of the Golf Bore gold prospect and on Tyranna’s 100%-owned ground.
Initial, broad spaced calcrete sampling at Thunderbolt Tank returned the exceptional result, from a single sample, of 480ppm nickel and 180ppm copper. This compares with the discovery sample at Nova/Bolinger in the Fraser Range of Western Australia of 271ppm nickel and 90ppm copper.